SAPIE: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
SAPIE
Largest movements
- Receivables within one year +€32,540
up €32,540 (+41.5%), from €78,348 to €110,888
of which Trade receivables: +€19,113
- Cash +€9,475
up €9,475 (+43.8%), from €21,653 to €31,128
mainly Depreciation (+€28,174) and Debts after one year (+€19,648)
- Stocks and contracts -€8,539
down €8,539 (-70.7%), from €12,080 to €3,541
- Debts after one year +€19,648
up €19,648 (+8.3%), from €237,949 to €257,597
- Current portion of long-term debt +€12,154
up €12,154 (+46.3%), from €26,251 to €38,405
- Trade debts +€8,714
up €8,714 (+47.0%), from €18,523 to €27,237
- Tax, wage and social debts -€5,992
down €5,992 (-21.3%), from €28,170 to €22,178
of which Taxes: -€5,591
- Gross operating margin -€25,205
down €25,205 (-18.3%), from €137,722 to €112,517
- Depreciation +€11,276
up €11,276 (+66.7%), from €16,898 to €28,174
- Taxes -€8,321
no longer reported in 2025 (was €8,321)
- Other operating charges +€4,871
up €4,871 (+487%), from €1,000 to €5,871
- Staff costs -€3,192
down €3,192 (-4.6%), from €69,203 to €66,011
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €384,425 | €417,168 | +€32,743 | +8.5% |
| Fixed assets | 21/28 | €270,509 | €269,507 | -€1,002 | -0.4% |
| Intangible fixed assets | 21 | €4,693 | €4,193 | -€500 | -10.7% |
| Tangible fixed assets | 22/27 | €252,193 | €252,301 | +€108 | 0.0% |
| Land and buildings | 22 | €186,690 | €177,060 | -€9,630 | -5.2% |
| Plant, machinery and equipment | 23 | €63,276 | €65,912 | +€2,636 | +4.2% |
| Furniture and vehicles | 24 | €2,227 | €9,329 | +€7,102 | +319% |
| Financial fixed assets | 28 | €13,623 | €13,013 | -€610 | -4.5% |
| Current assets | 29/58 | €113,916 | €147,661 | +€33,745 | +29.6% |
| Stocks and contracts in progress | 3 | €12,080 | €3,541 | -€8,539 | -70.7% |
| Stocks | 30/36 | €12,080 | €3,541 | -€8,539 | -70.7% |
| Amounts receivable within one year | 40/41 | €78,348 | €110,888 | +€32,540 | +41.5% |
| Trade receivables | 40 | €44,901 | €64,013 | +€19,113 | +42.6% |
| Other amounts receivable | 41 | €33,447 | €46,875 | +€13,427 | +40.1% |
| Cash at bank and in hand | 54/58 | €21,653 | €31,128 | +€9,475 | +43.8% |
| Deferred charges and accrued income | 490/1 | €1,834 | €2,103 | +€269 | +14.7% |
| Total equity and liabilities | 10/49 | €384,425 | €417,168 | +€32,743 | +8.5% |
| Equity | 10/15 | €72,501 | €71,713 | -€787 | -1.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €69,501 | €68,713 | -€787 | -1.1% |
| Amounts payable | 17/49 | €311,924 | €345,454 | +€33,530 | +10.7% |
| Amounts payable after more than one year | 17 | €237,949 | €257,597 | +€19,648 | +8.3% |
| Financial debts | 170/4 | €237,949 | €257,597 | +€19,648 | +8.3% |
| Amounts payable within one year | 42/48 | €72,944 | €87,820 | +€14,876 | +20.4% |
| Current portion of amounts payable after more than one year | 42 | €26,251 | €38,405 | +€12,154 | +46.3% |
| Trade debts | 44 | €18,523 | €27,237 | +€8,714 | +47.0% |
| Suppliers | 440/4 | €18,523 | €27,237 | +€8,714 | +47.0% |
| Taxes, remuneration and social security | 45 | €28,170 | €22,178 | -€5,992 | -21.3% |
| Taxes | 450/3 | €20,151 | €14,560 | -€5,591 | -27.7% |
| Remuneration and social security | 454/9 | €8,019 | €7,618 | -€401 | -5.0% |
| Accrued charges and deferred income | 492/3 | €1,031 | €38 | -€994 | -96.4% |
| Remuneration, social security and pensions | 62 | €69,203 | €66,011 | -€3,192 | -4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,898 | €28,174 | +€11,276 | +66.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,959 | +€1,959 | |
| Other operating charges | 640/8 | €1,000 | €5,871 | +€4,871 | +487% |
| Non-recurring operating charges | 66A | €11,059 | €31 | -€11,028 | -99.7% |
| Gross operating margin | 9900 | €137,722 | €112,517 | -€25,205 | -18.3% |
| Operating profit (loss) | 9901 | €39,561 | €10,471 | -€29,091 | -73.5% |
| Financial income | 75/76B | €20 | €25 | +€5 | +24.4% |
| Recurring financial income | 75 | €20 | €25 | +€5 | +24.4% |
| Financial charges | 65/66B | €9,339 | €11,282 | +€1,943 | +20.8% |
| Recurring financial charges | 65 | €9,339 | €11,282 | +€1,943 | +20.8% |
| Profit (loss) for the period before taxes | 9903 | €30,242 | -€787 | -€31,029 | |
| Income taxes | 67/77 | €8,321 | - | -€8,321 | |
| Profit (loss) for the period | 9904 | €21,920 | -€787 | -€22,708 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,920 | -€787 | -€22,708 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.